Data Science is more accessible than it was in previous decades due to developments in data science tooling, standardized data, and the availability of data in abundance and with relative ease. Predicting attrition, forecasting demand, classifying customers, and identifying clients in photographs is feasible and more accessible than ever. Modest model construction and testing could take between 8 and 12 weeks.
1 Predict Customer Loss
Obtaining new clients is becoming increasingly difficult. The competition is intensifying. Your competitors are eager to capture your existing clients by providing discounts and superior customer service. For any firm, keeping current customers satisfied and retaining them is preferable to acquiring two new customers.
Predicting client churn can be beneficial in this regard. Predicting customer churn is nothing more than using machine learning to make educated assumptions about which of your existing customers may quit their subscription or transfer to a lesser plan.
2 Analyze sentiments and get alerted
Customer evaluations on Trust Pilot, Yelp, and TripAdvisor, among others, can either promote or destroy your business. Offer your consumers discounts or apologies when you make a mistake. Capture client sentiments and generate engagement and persuasion possibilities. We are aware that s**t happens. Gain early knowledge and be prepared to act. If you are given lemons, offer lemonades.
3 Forecast client demand
Advanced machine learning algorithms make predicting the demand for your hardware, shoes, or the number of incoming phone calls more accessible. Time series forecasting may now take into account holidays, events, and historical data to examine patterns and seasonality and provide a forecast with a desirable margin of error.
A better demand forecast allows you to prepare for it. Why not get started and capture that additional 5% increase in revenue?
Whether for Predicting, Forecasting, or Analyzing, data can provide excellent business knowledge. Why not use it to increase and reduce your top line?
Contact us at the email address listed below if you want to discuss what we can do for you.